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Topic 7 Demand & Topic 8 Supply Flashcards | StudBud

Explore/Topic 7 Demand & Topic 8 Supply

Topic 7 Demand & Topic 8 Supply

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Basic economic terms used to learn supply and demand. #supplyanddemand

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Questions 13

Answers

1
The movement along the demand curve is called what?
Change in Demand
Change in Quanitity Demanded
Change in Quantity Supplied
2
If the price of a substitute falls then the demand curve will?
Increase
Contract
Decrease
Expand
3
Which of these can shift the demand curve?
Change in Technology
Change in Income and number of consumers
Change in price
4
What is a substitute good?
A good that makes up part of a good.
A good that replaces a different good.
A good that goes with another good.
5
The impact of tax on Supply will be?
Price and quantity both increase
Price and quantity produced both decrease
Price increases, quantity produced decreases
Price increases, quantity increases
6
The impact of a subsidy on supply will be?
Lower price and higher quantity
Higher quantity
Higher price
Higher price and lower quantity
7
The movement along the supply curve is called what?
Change in Quantity Demanded
Change in Quantity Supplied
Change in Supply
8
When price increases the amount of goods produced increases. This is what?
Market Demand
The Law of Supply
The Law of Demand
9
The sum of all the wants in a market is what?
The Law of Demand
Revenue
Market Demand
10
Which of these will not shift the supply curve?
Change in price
Change in Technology
Change in Consumer Expectations
11
When price increases the want for that good decreases. This is what?
Market Demand
The Law of Supply
The Law of Demand
12
The following goods can be classed as?
Substitute good
Complementary goods
breakfast
services
13
What is a complementary good?
A good that replaces a good.
A good that makes up a part of a whole good.
A good that goes with another good.